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Intuit to acquire Homestead Technologies
By siliconindia
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Wednesday, 28 November 2007, 20:30 IST
California: Intuit, a U.S. based IT service provider, today announced that it has signed an agreement to purchase Homestead Technologies, a provider of website and web store solutions for small businesses. The cash transaction is valued at approximately $170 million.
The acquisition will enable Intuit to offer Web site creation and e-commerce solutions that help small businesses acquire and serve customers through the Internet, which are increasingly important factors to entrepreneurial success and business expansion.
"This acquisition supports our growth strategy in small business by addressing an underserved need, and continues Intuit's move beyond financial management solutions into helping small businesses solve other important problems," said Brad Smith, Senior Vice President, Intuit small business group.
Homestead focuses on helping small businesses succeed on the Web, offering award-winning, affordable, easy-to-use tools and services to help small businesses compete more effectively and win more business.
"Joining Intuit will help us continue pursuing our dream of enabling every small business, entrepreneur and organization to effectively compete by leveraging the power of the Internet," said Justin Kitch, Founder and Chief Executive Officer, Homestead Technologies.
The transaction is expected to close during the first calendar quarter of 2008 and is subject to regulatory review and other customary closing conditions. After the transaction Homestead will become a part of Intuit.